Charts & Chat - January 20, 2025
Eric Boyce • January 20, 2025
This week, CEO Eric Boyce, CFA discusses:
1. Biggest risks and catalysts for growth (positive and negative) for 2025
2. Quantifying tariff impacts on growth across key global markets
3. Retail sales continue to increase, leading Atlanta Fed to raise its estimate for 4Q economic growth
4. Philly Fed manufacturing breakout!
5. Valuations stretched, but productivity and margins continue to expand, leading to increased stock buybacks and some upside stock potential
6. US dollar likely to remain stronger, which has some trade implications

By Eric Boyce
•
April 13, 2026
This week, CEO Eric Boyce, CFA discusses: 1. final 4Q GDP revision reflects weaker year-end environment. First quarter estimates are trending down, reflecting pressure from geopolitics 2. personal income trending lower, although credit outstanding remains flat 3. PCE prices are elevated, primarily from goods prices - housing continuing to drop 4. energy market impacts from Iran conflict - disproportionate impact on lower income, Asia energy markets 5. forward looking equity returns look to be more limited, following three years of above average returns - private investments will likely play a greater role going forward 6. still a considerable gap on individuals with retirement plans, even at the higher income levels 7. earnings estimates moving higher, especially for tech firms; accordingly, tech P/E multiples back down to overall index average




